UK challenger Revolut secures Aussie credit licence
Challenger bank Revolut has been granted an Australian Credit Licence (ACL) by the Australian Securities and Investment Commission (ASIC), allowing it to start offering credit and lending products in the country.
The receipt of the licence comes after Revolut was granted permission to offer securities trading to Australian customers. Revolut Australia has also applied to become an authorised deposit-taking institution (ADI).
The company says the move allows it “to further expand its offering in the local market” and bolsters its proposition in Australia as a financial super-app.
Revolut claims legacy banks are letting Aussie customers down with their “clunky experience, slow approval times and high rates” and the challenger wants to employ a digital-first tailored approach that “delivers 10 times the value”.
The Revolut app in Australia already offers range of financial services including a multi-currency transaction account, automated budgeting, remittance services, a cryptocurrency and commodities exchange service, shopping rewards, a donations platform and linked accounts for children aged 6 to 17.
Revolut Australia CEO Matt Baxby says securing the ACL “is an important step in our mission to create the world’s first truly global financial platform”.
Baxby adds: “Credit products are an added way for our customers to manage their finances, and it’s an area where we see vast opportunities in the Australian market.”
Revolut Australia claims over 100,000 customers since it launched in August 2020.